Tax News

How U.S. personal tax changes affect estate planning

An overview of major changes impacting Canadians with U.S. connections

By Margaret O’Sullivan |May 8, 2018

9 min read

Owner of tax business sentenced, fined for fraudulent returns

The owner of a Brampton, Ont.-based tax preparation business received a conditional two-year sentence and almost $100,000 in fines for preparing 100 fraudulent returns, CRA said in a release Thursday. The Ontario Court of Justice sentenced Ajay Sharma last month to the conditional sentence and three years of probation, as well as a $96,946 fine, […]

By Staff |May 3, 2018

1 min read

House flipping has tax consequences: CRA

If your client is considering flipping houses to benefit from strong prices, remind them of the tax consequences. Property flipping is when property owners, including real estate agents, buy and resell homes in a short period of time for profit, says CRA in a release. “This also includes buying and selling a property before its […]

By Staff |April 23, 2018

1 min read

CRA reminds business owners to collect GST

For business owner clients required to collect GST, failure to do so could have serious consequences. Read: CRA investigation leads to tax evasion sentence for B.C. developer In a release, CRA reminds that taxpayers convicted of GST evasion must still repay the full amount of taxes owing, plus interest and any civil penalties that may […]

By Staff |April 16, 2018

1 min read